Multiple Choice
Suppose that an economy produces 500 units of output. It takes 10 units of labor at $15 a unit and 4 units of capital at $50 a unit to produce this amount of output. The per unit cost of production is
A) $1.42.
B) $1.24.
C) $0.70.
D) $0.40.
Correct Answer:
Verified
Correct Answer:
Verified
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